Principles of Financial Planning

Question 1

Forty-two percent of federal revenue comes from .

Revolt · Accepted Answer

individual income taxes

Question 2

Income taxes paid by businesses and corporations make up about of federal revenue.

Revolt · Accepted Answer

9%

Question 3

Taxes collected for Social Security and Medicare make up of federal revenue.

Revolt · Accepted Answer

40%

Question 4

The W-4 form is completed by an individual when he or she first starts a new job.What does this form help to determine?

Revolt · Accepted Answer

The amount of money that should be withheld in federal taxes.

Question 5

Citizens file income taxes to ensure that they will receive a if they paid too much in taxes throughout the year.

Revolt · Accepted Answer

refund

Question 6

The total cost of the food and drinks before taxes was .

Revolt · Accepted Answer

$10.00

Question 7

Failure to pay taxes on time may result in .

Revolt · Accepted Answer

penalty fees

Question 8

Employers supply a to help citizens file their tax returns.

Revolt · Accepted Answer

W-2

Question 9

The buyer paid in sales tax.

Revolt · Accepted Answer

$0.85

Question 10

Tax payments may be collected through and interest will accumulate on the unpaid balance until the taxes are paid in full.

Revolt · Accepted Answer

wage garnishment

Principles of Financial Planning Answers